Dürr places bonded loan for € 300 million
Bietigheim-Bissingen, March 24, 2016 – Dürr AG has placed a bonded loan for € 300 million subject to favorable terms and conditions. The total volume is distributed across a number of tranches with maturities of five, seven and ten years, respectively. The average interest paid amounts to approx. 1.6% per annum.
The proceeds are intended for general corporate funding purposes and will reinforce the company’s liquidity. Dürr plans to use this as a basis for continuing its strategic acquisition course and to generate further growth. Ralph Heuwing, CFO of Dürr AG: “This bonded loan has enabled us to secure extremely favorable long-term financing conditions and to further enhance the spread of our maturities profile. Our comfortable liquidity position provides us with scope for further strategic development of the Group. At the same time, we can safely finance our operations and we stand to benefit from sustainable, solid balance sheet ratios.”
The response from the investor community was extremely positive. The bonded loan was subscribed to by numerous banks in Germany and abroad; in total, there was a substantial oversubscription. The tranche with a ten-year maturity was also serviced very well. The issue was carried out with the support of Commerzbank, Landesbank Baden-Württemberg and Unicredit.
The Dürr Group is one of the world’s leading mechanical and plant engineering companies. Dürr products, systems and services provide the basis for highly efficient production processes in different industries. Business with automotive OEMs and components suppliers generates roughly 60% of its sales revenues. Other sectors which Dürr addresses include mechanical engineering, the chemical and pharmaceutical industry and – following the acquisition of the HOMAG Group in October 2014 – the woodworking industry. Dürr has 92 business locations in 28 countries. With just under 15,000 employees, the Group generated sales revenues of € 3.77 billion in 2015. The Group operates in the market via five divisions:
- Paint and Final Assembly Systems: paintshops and final assembly systems for the automotive industry
- Application Technology: robot technologies for the automated application of paint, sealants and adhesives
- Measuring and Process Systems: balancing and cleaning equipment as well as testing and filling technology
- Clean Technology Systems: exhaust-air purification systems and energy efficiency technology
- Woodworking Machinery and Systems: machinery and equipment for the woodworking industry